Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs Wealth Management M&A Valuation Multiples
Selected M&A Transactions
Multiple of PF EBITDA
Purchase
Price
Target Cetera
Buyer GENSTAR
Target
AUM /
AUA ($bn)
10:0x
% Fee
Based
RIAS have received superior valuations given perception of higher quality revenue, ownership
of end client, and large consolidation opportunity
Precedent Transactions ($mm)
Median: 11.0x
12.0x
IBD
KESTRA A
-8.0x¹
$200 $100 $268
Mid/High
-12.0x Single
Digits
A
-$1,700 -$850 -$2,300 $1,300
$86
-35% -60% -40% 35%
15.0x
voya
ATRIA
ND
$13
-15.0x
ND
-13.0x
EDELMAN FOCUS
H&F
19.0x
2018 2019 2019 2019 2021 2022 2015 2017 2018 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2022 2022
KKR
H&F
17.0x -16.5x-16.5x
$800 $2,000 $3,020 $750
$15 <-$100 $169 $25
L OAK HILL
$500
$12
MERCER
ACTVORONE
100% 100% 100% 100% 100%
-$650
19-20 Median: 18.0x
-$16
Mid/High
-18.0x18.0x²18.0x Teens -17.0x
SENTRA
Overall Median: 18.0x
ΝΑ
RIA
AREATINE | CAPTRUST Oallworth CHTOWER Marier u
PLAN
$50
GTCR
-$18/
-$368
$10
-20.0x-20.0x
-$81/
-562
INVESTMENT BANKING
DIVISION
$1,250 $750 -$1,800 -$7,300 $1,800 $400 ND
$260
100% 100% 100% 100% 100% 100%
21-¹22 Median: -20.5x
-21.0x
CONFIDENTIAL
100%
-$40 -$9 $39
22.0x
THE SLOP (ONEX KELSO KKR GENSTAR OAK HILL
SAVANT
25.0x
Low 20s
Mid
Teens
$12
CERITY
ARTNERS KESTRA
ND² >$1,000 $1,600 ND²
$20 -$45 $121
100% 100% 100% 100% -100% 75%
Source: Cerulli, SNL, company filings, website, press releases, investor presentations, and news articles. 'Represents RR EBITDA multiple. Minority investment. "Preferred structure.
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